New Patients Shipments up More than 35% Compared to the previous Quarter
Production Reaches 200,000 OmniPods per Month
BEDFORD, Mass., Aug. 12 /PRNewswire-FirstCall/ -- Insulet Corporation (Nasdaq: PODD), the leader in patch pump technology with its OmniPod(R) Insulin Management System, today announced financial results for the second quarter and six months ended June 30, 2008.
Second quarter 2008 reported revenue increased 131% to $7.4 million compared to $3.2 million in the second quarter of 2007. During the second quarter of 2008, approximately 1,650 new patients began using the OmniPod System, an increase of more than 35% compared to the first quarter.
On a sequential basis, reported revenue increased 11% compared to the first quarter of 2008. Beginning in the first quarter of 2008, the Company changed its estimate of deferred revenue resulting in a positive impact in the first quarter of 2008 and a smaller negative impact in the second quarter of 2008. When adjusted for the change in deferred revenue, the underlying sequential growth in non-GAAP revenue was 38% from the first to the second quarter of 2008. See "Non-GAAP Financial Information" below for a reconciliation of the GAAP financial measure to the non-GAAP financial measure.
Net loss for the second quarter of 2008 was $23.9 million, or $0.87 per
share, compared to a net loss of $12.7 million or $0.99 per share, for the
second quarter of 2007. Total operating expenses increased to $19.8 million
in the second quarter of 2008, compared to $8.7 million in the second
quarter of 2007. Most of the increase in operating expenses was related to
higher sales and marketing expenses, reflecting the significant expansion
of the Company's sales or
|SOURCE Insulet Corporation|
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